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NBC
Oct 2, 2012 6:00pm PDT
law, proposition 8, to restore the assessed value to reflect the improving market value when the market begins to turn around. >> reporter: let's say you bought your house five years ago for $800,000. that's considered your prop 13 base even if your value goes way up, your assessed value will go up no more than 2% a year. but prop 8 allows the county to reassess your property to reflect a lower market value, which means if your value declines, you'll get a lower tax bill. but here's the catch. if your home value jumps back up but it's still worth less than you paid, you could see a big property tax increase in this case 6.9%. >> it might be 2.1%. it might be 10% depending upon the market that's occurring in that specific neighborhood. >> reporter: while that increase may be a painful surprise, the county assessor larry stone says there's a silver lining. >> for everyone 1% increase in the property taxes, the property owner gains 99% in improved equity. >> reporter: he also says only 10% of the residential property owners in the county may face taxes higher than 2%. many including
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